INOVAIT and the Government of Canada have announced a $10.7m investment for AI-enhanced image-guided therapy under the second iteration of INOVAIT’s Focus Fund programme.
Image-guided therapy (IGT) is the practice of using medical imaging to plan, perform, and evaluate medical interventions.
The INOVAIT network supports Canadian innovators who are unleashing the power of AI through IGT’s precision therapy and treatment to streamline healthcare and improve healthcare outcomes.
“Canada has tremendous strength in the research and development of medical imaging and AI technologies,” stated Kullervo Hynynen, Co-Executive Director of INOVAIT and Vice-President of Research and Innovation at SRI.
“We need to capitalise on this opportunity and leverage both these strengths to advance technologies that can improve clinical outcomes and healthcare efficiencies.”
Integrating machine learning into image-guided therapy
Seven high-potential projects will integrate machine learning capabilities into IGT technologies through this iteration of the Focus Fund programme.
Focus Fund project members will invest an additional $21.3m in these projects, for a total influx of $32m into the Canadian IGT sector.
The Focus Fund contributions will help attract investments into these Canadian technology companies, create jobs for highly skilled professionals, and cement Canada’s status as a global leader in image-guided therapy and AI innovation.
François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, explained: “INOVAIT’s Focus Fund represents the natural evolution for promising pilot fund projects in the area of image-guided therapy and helps attract key investments for these innovative Canadian technology companies.
“We look forward to seeing all progress made in advancing the field through artificial intelligence and machine learning integration.”
Which projects have received the funding?
Selected Focus Fund projects include:
- Profound Medical: Profound Medical’s Focus Fund project will improve outcomes for men undergoing MRI-guided transurethral ultrasound ablation (TULSA) by leveraging AI across the three stages of their prostate cancer journey
- MIMOSA Diagnostics: MIMOSA’s Focus Fund project will deploy a handheld multispectral imaging tool for nurses in long-term care homes to assess and treat residents at risk of developing or having active pressure injuries
“By providing a platform to connect, educate and invest in the most promising ventures, INOVAIT is pushing boundaries and working to improve health outcomes,” concluded Pam Damoff, Parliamentary Secretary to the Minister of Foreign Affairs.
